This comes straight from a Dare2Draw email:

unnamed

Under current law, artists who donate their created work may only deduct the cost of supplies (paper, canvas, paint, etc.) while a collector of the same work who donates it to charitable institutions is allowed to take a tax deduction equal to the FAIR market value of the donated work.
Artist-Museum Partnership Act

Amends the Internal Revenue Code to allow taxpayers who create literary, musical, artistic, or scholarly compositions or similar property a fair market value (determined at the time of contribution) tax deduction for contributions of such properties, the copyrights thereon, or both, to certain tax-exempt organizations, if such properties are properly appraised and are donated no less than 18 months after their creation. Limits the amount of such deduction based upon the donor’s artistic adjusted gross income, as defined by this Act.

 

Sponsor: Senator Patrick J. Leahy [D-VT]

Call now! (202) 224-4242

New York: Senator Charles E. Schumer [D]
Call now! (202) 224-6542
New York: Senator Kirsten Gillibrand [D]
Call now! (202) 224-4451

Urge Congress to Support Bill S.931 – the Artist-Museum Partnership Act (“the Act”)–Change.Org Petition

 

–Ken Choy

 

Related posts: